Research On Credit Risk Of Reverse Factoring Securitization In Supply Chain Finance

In recent years,the innovation of supply chain financing products has stepped into the fast track of industry development.SME in the supply chain have difficulties in financing due to their small scale of assets,low credit rating and Information asymmetry,in order to solve the problem of financing difficulty and high cost,reverse factoring ABS came into being,and the industries of the core enterprises involved are more diversified,although the real estate industry and the manufacturing industry are still the main force,but retail,wholesale,logistics,trade and so on are all in full bloom.Under the supply chain financing model,reverse Securitization generally have lower issuance costs than forward Securitization because of the introduction of core companies as co-debtors,to upstream smes and core enterprises can bring many benefits.However,the reverse factoring Securitization from the plan to the issue involves many participants,and the trading structure is also relatively complex,in recent years,due to the impact of the epidemic,there have been frequent defaults on credit bonds in the capital market.Therefore,while the securitization of reverse factoring is developing rapidly,in order to avoid credit default,it is necessary to analyze and study the credit risk of reverse Securitization in supply chain finance.This paper takes the first supply chain reverse factoring asset support program in the trade logistics industry issued by Xiangyu as an example,the first period(hereinafter referred to as“Xianggong 2020-1”)is selected as the case to study the credit risk.After combing the related literature and expounding the core concepts and theoretical basis,the basic situation of special plans and credit risk management measures are introduced in detail,then,according to the steps of credit risk identification,assessment and management,according to the identified three main credit risks,the qualitative and quantitative methods are used to assess the credit risk,and according to the evaluation results of credit risk management optimization measures.The conclusions are as follows: first,the credit risk of supply chain financial reverse factoring plan is mainly embodied in three aspects: core body,basic assets and special plan transaction structure.Second,the core enterprise Xiangyu in the special plan revised KMV model results are good,but the comprehensive performance ability can see the company’s weak solvency,in addition,the total credit risk of the original owner Xiangyu factoring is bigger,and the basic assets have high concentration,low cash flow guarantee ratio and compliance risk There are credit rating risks in the trading structure and the related risks among the trading subjects are prominent,so the comprehensive conclusion of the special plan credit risk is larger.Thirdly,in view of the deficiency of the plan,this paper proposes the measures of credit risk management optimization in three aspects,and it puts forward the credit risk management recommendations of the entire trade and logistics industry,it is expected to provide some reference value for the industry to carry out reverse factoring ABS in the future.